QuoteSweep tracked disclosed funding for 43 modern commercial-insurance companies. The largest disclosed venture round in the set is Pie Insurance's $315M Series D; Coalition raised a $250M Series F at a $5B valuation; and the biggest deal of any kind is Munich Re's ERGO Group acquiring Next Insurance for $2.6B in 2025. Every figure below is as each company reports it.
QuoteSweep profiles these 43 companies independently — insurtech carriers, managing general agents (MGAs), AI-native brokers, and benefits platforms active in US commercial coverage. This tracker sits alongside those profiles and compiles one thing: the funding each company publicly discloses. Unlike our carrier-appetite data, the figures here are not first-party — they are what each company or its investors report, and we have not audited them.
How we tracked this
For each of the 43 companies QuoteSweep profiles, we recorded its most recent disclosed funding round and, where stated, cumulative capital raised, lead investor, valuation, and date. We did not estimate. Where a company discloses only a total, only a lead investor, or only an accelerator, that is all we show — and figures a source labels as secondhand are marked "reported."
The set is deliberately mixed. Most are venture-backed startups, but several are corporate brands or subsidiaries that are not venture-funded: biBERK sits inside Berkshire Hathaway Insurance Group, Cerity is a brand of EMPLOYERS Holdings (NYSE: EIG), Thimble is a subsidiary of Arch Insurance Group, and Hiscox's US small-business arm is a division of LSE-listed Hiscox Ltd. A handful — Kinro, Mount, Panta, Klaimee — are new enough that Y Combinator is the only backing they disclose.
These funding facts are as each company reports them, not independently audited by QuoteSweep. This is a tracker of disclosed capital — not a ranking of size, quality, revenue, or solvency.
Who raised what: all 43 companies
The largest disclosed venture round in the set is Pie Insurance's $315M Series D (2022); Coalition's $250M Series F (2022) carried the highest disclosed valuation at $5B. The biggest deal of any kind is an exit — Munich Re's ERGO Group acquiring Next Insurance for $2.6B in 2025. Other nine-figure rounds include At-Bay's $185M Series D, Sidecar Health's $165M Series D, Gravie's $150M growth round, and Angle Health's $134M Series B, closed December 2025 and one of the most recent large rounds here. The table is sorted alphabetically; every figure is as the company reports it.
| Company | Founded | HQ | Backing / funding (as reported) |
|---|---|---|---|
| AIUC | — | San Francisco, CA | $15M seed, backed by Nat Friedman (reported) |
| Angle Health | 2019 | San Francisco, CA | $134M Series B (Dec 2025, led by Portage); prior $58M Series A (2022) |
| Armilla | — | Toronto (reported) | ~C$6M (US$4.5M) seed led by Mistral Venture Partners (2024); Lloyd's coverholder, partners incl. Chaucer, Axis, Convex, Swiss Re, Greenlight Re |
| At-Bay | 2016 | San Francisco, CA | $185M Series D at a $1.35B valuation (2021); ~$296M total; writes on Munich Re / HSB paper |
| Bennie | 2019 | Stamford, CT | $50M strategic from LNC Partners (Dec 2025); ~$100M total reported |
| biBERK | 2015 | US (Berkshire Hathaway Insurance Group) | Part of Berkshire Hathaway Insurance Group; carriers rated A++ (Superior) by AM Best; not venture-backed |
| Cerity | 2019 | Nevada (parent EMPLOYERS Holdings) | Brand of EMPLOYERS Holdings (NYSE: EIG); corporate-funded, not venture-backed |
| Coalition | 2017 | San Francisco, CA | $250M Series F at a $5B valuation (2022, led by Allianz X); ~$800M+ raised total |
| CompScience | 2019 | San Francisco, CA | $27.6M Series B (2025, led by Sands Capital); ~$37.6M cumulative |
| Corgi | 2024 | San Francisco, CA | ~$378M raised (reported); latest a $106M Series B1 at a $2.6B valuation |
| Coterie Insurance | 2018 | Cincinnati, OH | Series C led by Allianz X (2025); ~$102M+ raised before it; A/A- rated capacity |
| Cover Whale | 2019 | New York, NY | $27.5M Series A (2024, Morgan Stanley Expansion Capital) + a ~$40M growth round (2025, MSEC) |
| Coverdash | — | — | — |
| Cowbell | 2019 | Pleasanton, CA | $60M Series C led strategically by Zurich Insurance Group (2024); ~$202M raised total |
| Embroker | ~2015 | San Francisco, CA | $100M+ raised; Series C led by FTV Capital (2021) |
| Foresight | 2016 | San Francisco, CA | ~$20M raised; investors incl. Brick & Mortar Ventures and Builders VC |
| Gravie | 2013 | Minneapolis, MN | $150M growth round (2025, reported); ~$530M raised total |
| Harper | 2024 | San Francisco, CA | $47M Seed + Series A, led by Emergence Capital |
| HDVI | 2018 | Chicago, IL | ~$70M+ raised across rounds; investors include Munich Re Ventures, Weatherford Capital, 8VC, Autotech Ventures |
| Hiscox | 1901 (US small-business direct: 2010s) | US arm of the Hiscox Group (LSE-listed) | Division of Hiscox Ltd (LSE-listed); not venture-backed |
| Hourly | 2018 | Palo Alto, CA | $27M Series A (2022, led by Glilot Capital Partners); ~$34M total |
| Insurate | 2019 | Omaha, NE | $4.5M seed led by HSCM Ventures (2021); capacity from SiriusPoint |
| Justworks | 2012 | New York, NY | ~$143M raised (private; FirstMark, Union Square Ventures, Bain Capital Ventures, Redpoint, others) |
| Kinro | 2026 | San Francisco, CA | Y Combinator (P26) |
| Klaimee | — | — | Y Combinator |
| LEEO | 2020 (as Fairmatic) | San Francisco, CA | As Fairmatic: $46M Series B led by Battery Ventures (2023); ~$88M total reported |
| Mount | 2026 | San Francisco, CA | Y Combinator (Spring 2026) |
| Nava Benefits | 2019 | New York, NY | $30M Series C (Oct 2025, led by Thrive Capital); prior $40M Series B |
| Next Insurance | 2016 | Palo Alto, CA | Acquired by Munich Re's ERGO Group for $2.6B (2025); rebranding as ERGO NEXT |
| Nirvana | 2021 | San Francisco, CA | $100M Series D at a ~$1.5B valuation (2025, led by Valor Equity Partners); prior $80M Series C (2025) |
| Panta | 2024 | San Francisco, CA | Backed by Y Combinator |
| Pie Insurance | 2017 | Denver / Washington, D.C. | $315M Series D (2022, Centerbridge + Allianz X); ~$615M+ raised total; AM Best A- rated carrier |
| Resilience | 2016 | San Francisco, CA | $100M Series D led by Intact Ventures (2023); prior $80M Series C at a $650M valuation (2021); ~$325M total |
| Sana Benefits | 2017 | Austin, TX | ~$111M raised to 2022 (Crunchbase); no 2024–2026 round disclosed |
| Sidecar Health | 2018 | El Segundo, CA | $165M Series D (June 2024, led by Koch Disruptive Technologies) |
| Soma | 2025 | San Francisco, CA | Accel-backed ($3.6M seed, reported) |
| StretchDollar | 2023 | Pittsburgh, PA & San Francisco, CA | $6M seed (Dec 2024, led by Fika Ventures, with Oscar Health, Precursor, Springbank); ~$7.6M total disclosed |
| Take Command | 2014 | Richardson (Dallas), TX | $25M growth round led by Edison Partners (2023); ~$44.75M total (incl. a $12M Series A) |
| Testudo | 2024 | San Francisco, New York, and London | IA Capital, LocalGlobe, A100x, Goldman Sachs partners; Lloyd's Lab |
| Thatch | 2021 | San Francisco, CA | ~$84.5M raised; $40M Series B led by Index Ventures (2025), with a16z, General Catalyst, ADP Ventures |
| Thimble | 2016 | New York, NY | Wholly owned subsidiary of Arch Insurance Group; A-rated partners |
| Vouch | — | — | ~$185M raised (reported); sold MGA + carrier operations to Hiscox (2025), now broker-only |
| Zorro | 2022 | New York, NY | $31.5M raised; $20M Series A led by Entrée Capital (2025), with 10D and Pitango; $11.5M seed (2023) |
Coverdash appears in our profile set but carried no funding, founding, or HQ detail in this dataset snapshot, so its row is left blank rather than filled with an estimate.
What the money is chasing
Grouping the set by what each company writes shows where capital is concentrated — and where it is only starting to arrive.
Cyber — the most-capitalized theme. Four cyber-focused names account for some of the largest disclosed raises here. Coalition leads with a $250M Series F at a $5B valuation (2022, Allianz X) and ~$800M+ raised total; At-Bay closed a $185M Series D at a $1.35B valuation (2021) and writes on Munich Re / HSB paper; Cowbell took a $60M Series C led strategically by Zurich Insurance Group (2024, ~$202M total); and Resilience raised a $100M Series D (2023, Intact Ventures, ~$325M total). Reinsurer and carrier capital is visible behind each.
Health and employee benefits — the deepest bench. The largest cohort by count is health-coverage and benefits platforms. Gravie reports the most raised ($530M total, including a $150M growth round in 2025); Sidecar Health closed a $165M Series D (June 2024); Angle Health raised a $134M Series B in December 2025; and Justworks has raised $44.75M total), Nava Benefits, Zorro, StretchDollar, Bennie, and Sana Benefits — round out the group.$143M privately. Smaller ICHRA and benefits players — Thatch ($84.5M), Take Command (
AI-native newcomers — small checks, brand-new companies. The 2024–2026 founding cohort is where the newest money is going, mostly in seed and accelerator form. Harper (2024) raised a $47M Seed + Series A led by Emergence Capital; AIUC reports a $15M seed backed by Nat Friedman; Soma (2025) is Accel-backed ($3.6M seed, reported); and Armilla took a ~C$6M (US$4.5M) seed as a Lloyd's coverholder. Several — Panta, Kinro, Mount, and Klaimee — disclose only Y Combinator backing. The outlier is Corgi (2024), which reports ~$378M raised and a $106M Series B1 at a $2.6B valuation.
Digital SMB carriers, MGAs, and embedded platforms. The broadest group writes or brokers small-business commercial coverage directly or through embedded channels. Pie Insurance leads on disclosed venture funding here — a $315M Series D (2022) and ~$615M+ total — and Next Insurance produced the set's biggest exit, acquired by Munich Re's ERGO Group for $2.6B (2025). Coterie Insurance took a 2025 Series C led by Allianz X; Nirvana raised a $100M Series D at a $1.5B valuation (2025); Embroker has raised $100M+; and Vouch ($185M raised) sold its MGA and carrier operations to Hiscox in 2025 to become broker-only. The bucket also includes workers'-comp and commercial-auto specialists such as Hourly, CompScience, Cover Whale, and HDVI. Several of the largest names here aren't venture-backed at all: biBERK (Berkshire Hathaway), Cerity (EMPLOYERS Holdings), Thimble (Arch Insurance), and Hiscox's US arm (LSE-listed).
Frequently asked questions
Which commercial insurtech has raised the most?
By a single disclosed venture round, Pie Insurance's $315M Series D (2022) is the largest in this set, and Coalition's $250M Series F (2022) carried the highest disclosed valuation at $5B. The largest deal of any kind is Munich Re's ERGO Group acquiring Next Insurance for $2.6B in 2025. All figures are as reported, not audited.
What were the biggest 2025 rounds?
The largest 2025-dated round here is Gravie's $150M growth round. Angle Health's $134M Series B (December 2025) and Nirvana's $100M Series D (2025) follow. Among the newest companies, Corgi — founded 2024 — reports the highest cumulative raise, roughly $378M, including a $106M Series B1 at a $2.6B valuation.
Are these funding figures verified?
No. This tracker records funding as each company or its investors publicly report it. QuoteSweep profiles the 43 companies independently but does not audit their financials; totals, valuations, and round labels are the companies' own, and secondhand figures are marked "reported."
Which of these companies are not venture-backed?
Several. biBERK is part of Berkshire Hathaway Insurance Group; Cerity is a brand of EMPLOYERS Holdings (NYSE: EIG); Thimble is a wholly owned subsidiary of Arch Insurance Group; and Hiscox's US small-business arm is a division of LSE-listed Hiscox Ltd. These are corporate-funded rather than venture-backed.
About this data
This tracker compiles the funding each company publicly discloses, maintained alongside the company profiles at /insurtech. The 43 companies are modern commercial-insurance carriers, MGAs, brokers, and benefits platforms that QuoteSweep profiles independently. Funding facts are as each company reports them, not independently audited; figures drawn from secondary sources are marked "reported." We refresh this tracker as new rounds are announced. Spot a round we missed or a figure that needs correcting? Email agent@quotesweep.com.
